Sunday, July 22, 2007

Bank of Cyprus opens Bucharest branch, expands into eastern Europe

ATHENS (Thomson Financial) - The Bank of Cyprus has opened a branch in Bucharest, Romania as part of its strategy to expand into eastern Europe, and more specifically, the Balkans, Russia and Ukraine.

Bank of Cyprus said the Bucharest branch will first target the business community before accelerating growth throughout the capital.

It added that it plans to open 10 new branches a year in the country, starting with other Romanian cities Timisoara and Constanta.

The bank anticipates that the liquidity gained from the Romanian market will help fund their plans for the Balkans, Russia and Ukraine.

No comments: